Last week The Armchair Trader met with the management team of Fury Gold Mines [TSX:FURY], which could be an interesting prospect for some mining investors. The company is focused on exploration within two prolific mining areas in Canada, plus it holds a 16.25% stake in another miner, Dolly Varden Silver Corp [TSXV:DV].
Fury Gold is very much in expansion mode, having consolidated ownership to 100% at its Éléonore South gold project in Quebec by purchasing Newmont’s [NYSE:NEM] 49.978% interest for C$3 million and Newmont’s 30 million shares of Sirios [TSXV:SOI] for C$1.3 million. The deal gives Fury full control of a project that management feels has significant potential for new discovery. It also sits right next to Newmont's Éléonore project which has been sold to Indonesian group Dhilmar.
The company is also gearing up for an active summer drilling campaign. Fury has created a pipeline of targets for potential drilling in 2025 at its Éléonore South, Eau Claire, and Committee Bay projects, the latter a large scale exploration project in Nunavut. At Éléonore South this includes six priority drill targets at the highly prospective Éléonore mine style anomaly.
Last month Fury Gold also confirmed that it had reached agreement to buy Quebec Precious Metals Corp, which brings with it further prospective gold and critical minerals assets, a portfolio of more than 157,000 hectares in Quebec. The transaction, which is being effected via a share swap, doubles Fury's land package in the Eeyou Istchee territory in the James Bay region of Quebec.
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